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  • A Question of Housing Affordability

    first_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save August 22, 2019 1,231 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Sign up for DS News Daily Previous: Understanding Uncertainty: Property Preservation and Maintenance in Flux Next: Mortgage Rates Influencing Homebuyers Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojha Tagged with: Affordability CoreLogic Home Home Equity Home Sales HOUSING Mortgage Rates Negative Equitycenter_img Demand Propels Home Prices Upward 2 days ago The economic expansion over the past nine years has not only created more than 20 million jobs and raised family incomes but has also driven the recovery of the housing market, according to a special report by CoreLogic.The report indicated that over the past decade, not only has the number of homes with negative equity decreased (4.1% in Q1 2019 against 25.9% during the same period in 2010), but total home equity has also hit a record high.At the end of Q1 2019, total home equity reached $15.8 trillion, up from $6.1 trillion a decade ago. Additionally, between Q1 2010 and Q1 2019, the average equity per borrower increased from approximately $75,000 to around $171,000.“Home prices have increased steadily since 2011, creating record amounts of home equity and putting homeowners in a good position to weather future downturns,” said Molly Boesel, Principal Economist at CoreLogic.But the rise in home prices has also impacted housing affordability, especially in some areas of the country.Take California for example. According to Frank Nothaft, Chief Economist at CoreLogic, “While California’s home prices grew considerably from 2013 to 2018, affordability issues in the state have since hampered growth with the state’s average annual home price dropping from 7.4% in 2018 to 4.9% in 2019.”The effects of affordability are being felt by millennials—the largest cohort of homebuyers. According to the report, millennials made up 44% of home-purchase mortgage applications in 2018. However, metros in California had the lowest percentage of millennials applying for a mortgage.Additionally, the millennial share of homebuyers was higher in more affordable metros. Citing data from the CoreLogic Market Conditions Indicator the report said that of the top 10 metros for millennial buyers, four (Pittsburgh; Rochester, New York; Wichita, Kansas; and Grand Rapids, Michigan) were undervalued, five (Buffalo, New York; Milwaukee; Albany, New York; Provo, Utah; and Des Moines, Iowa) were at value, and one (Salt Lake City) was overvalued .But despite the challenges of affordability, the housing market is set to remain stable over the next 24 months, the report found. “We expect the housing market to enter a normalcy phase over the next 24 months. With prices, neither rising too fast nor too slow, and with a growing stream of young households looking to buy homes over the next two decades, the long-term view looks healthy,” said Ralph McLaughlin, Deputy Chief Economist. Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago A Question of Housing Affordability Home / Daily Dose / A Question of Housing Affordability Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Market Studies, News Affordability CoreLogic Home Home Equity Home Sales HOUSING Mortgage Rates Negative Equity 2019-08-22 Radhika Ojha Subscribelast_img read more

  • IORP II risk-evaluation rules must be drafted before directive can pass – AEIP

    first_imgIt further warned that the article within IORP II detailing the REP made allowances for a delegated act should be abandoned in favour of the legislative draft containing all relevant information, due to the “sensitivity” of the topic.Delegated acts are often inserted after a Directive has been passed by the European Parliament and would likely be informed by the European Insurance and Occupational Pensions Authority’s work, similar to the devolution of responsibilities on regulations for other financial directives to the European Securities and Markets Authority.“Moreover, the future draft delegated acts should be subject to a cost-benefit analysis and should be limited to technical aspects,” the position paper added.“All the information and improvements the Risk Evaluation for Pensions might bring to an IORP could be reached also through [asset-liability management] studies.”The REP currently stipulates that funds examine risks stemming from a number of areas, including the risk to its portfolio from climate change and resource scarcity.The AEIP was also strongly in favour of the IORP Directive being scrutinised not only from a financial perspective, calling for greater involvement for those responsible for social affairs within the European Commission and Parliament.It further called for the directive to be discussed not only by the finance ministers of each member state as part of an Economic and Financial Affairs (ECOFIN) meeting, but for representatives of domestic social affairs ministries to debate it during their own meetings.The organisation suggested the Pension Benefit Statement (PBS), widely criticised by a number of other groups, failed to add additional value, and said the proposed two-page format was unlikely to provide “clarity and understanding”.“The AEIP would rather plead to [allow] for national creativity and national solutions to information provision adapted to the specific needs of the different IORPs,” it said.“It would refrain from providing just more information, as this should rather be clearer and comprehensible.” The European Commission must publish further details of the proposed IORP II risk assessment framework ahead of the Directive passing into law, according to the European Association of Paritarian Institutions (AEIP).Publishing its position paper on the revised IORP Directive, the organisation was critical of the draft’s “overwhelming internal market point of view” and argued that the directorate general and parliamentary committee for employment and social affairs should be more closely involved in all future decisions.However, the AEIP welcomed the Directive’s removal of member state investment restrictions and its abandoning capital requirements, which internal markets commissioner Michel Barnier confirmed last year would be dropped.It nevertheless warned that the proposed Risk Evaluation for Pensions (REP), to be completed “regularly and without delay” when a change in a scheme’s risk profile occurs, could be seen as the “first step” towards an Own Risk and Solvency Assessment (ORSA) – one of the key elements of Solvency II.last_img read more